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Markets at a glance

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S I Team Mumbai

Broader indices delivered positive returns for the second consecutive week. Sensex gained 210 points or 2.4 per cent to 8,967 and Nifty rose 88 points or 3.2 per cent to 2,807 during the week. Investors went bargain hunting in small and mid caps pushing up the respective indices 6.2 per cent and 4.6 per cent respectively.

Inflation at 0.44 per cent for the week ended March 7, 2009 was a positive for the markets. After selling stocks worth Rs 2550 crore till March 13, FIIs turned net buyers investing Rs 941.4 crore in the week.

Markets next week

Local investors would closely track the movements in global equities. The gains following Fed’s announcement on buyback of treasury could extend into the initial part of this week. However, economic slowdown is visible with lower advance tax collections of eighteen of the top fifty big corporate in this quarter compared to numbers last year.

 

Inflation at record lows have increased hopes that RBI may announce further rate cuts to stimulate the economy. The market would see bouts of volatility ahead of March 2009 derivatives expiry. However, larger positions are unlikely to be built owing to political uncertainty surrounding the general election.

 

STOCK TO WATCH
ONGC
Last week’s close (Rs) 755.02 Prev. week’s close (Rs) 706.18 Week’s high (Rs) 760.85 Week’s low (Rs) 673.70 Last week’s ave. daily turnover (Rs cr) 131.20 Prev. week’s ave. daily turnover (Rs cr) 98.35 Number of up/down move 5/0

The share price of ONGC has risen by 7 per cent to Rs 755 in the last week coupled with the increase in trading volumes. The stock may continue to move higher given the recovery in international oil prices and gains of depreciating rupee. Year-to-date the rupee depreciated by about 4 per cent against the dollar.

On a positive note, the company is not expecting any subsidy burden, which is expected to translate into higher realisations. The company is also in news as its joint venture company ONGC–Teri Biotech (OTBL), is competing for a $3 billion contract for cleaning the left over oil spill in Kuwait.

The contract is floated by Kuwait Oil Company and backed by the United Nations. The company qualified for the final bidding of the first phase of this bioremediation project. Besides, the company’s overseas investment arm OVL is also seeking partnership to acquire three exploration and production projects in Venezuela.

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First Published: Mar 23 2009 | 12:04 AM IST

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